December 2024
ASIC slams insurers for gaping holes in complaints systems
“We are extremely disappointed with what we found here,” ASIC commissioner Alan Kirkland said, putting IAG, QBE and Suncorp on notice.
October 2024
The super system has to brace itself for a tsunami of retirees
Are trustees doing enough to prepare and provide the information, resources, transparency, services and support that retirees expect?
June 2024
Cbus tops list for super complaints
Cbus also paid $1 million in compensation claims to customers in the first half of the financial year.
The ghost of Dixon Advisory haunts planning industry
Financial planners are up in arms about being forced to pay out tens of millions of dollars in compensation to victims of the conflict-riddled wealth management firm.
April 2024
How this organisation prevented burnout for staff
A surge in complaints to the Australian Financial Complaints Authority led to a rethink of hiring and leave policies, adding 500 new staff to cope with the workload.
February 2024
‘Radio silence, on hold for hours’: How insurers treat their watchdog
Justin Untersteiner helps run the Australian Financial Complaints Authority. But that didn’t stop him getting “radio silence for months” and being kept “generally on hold for 2½ hours” when he tried to claim.
January 2024
Family forced to sell three of four properties as rates rise
Property investors are being lured back by rising rents and capital gains. But borrowing too much can cause a debacle.
Father left with just $4000 after trusted daughter nabs life savings
Banks are trying to clamp down on unlawful use of powers of attorney as state governments disagree on common standards. But there are ways to safeguard yourself.
November 2023
Big banks, insurers on the hook to pay Dixon Advisory compo claims
The government has set aside $250 million to help victims of misconduct. But the collapsed financial firm’s clients are out of pocket by significantly more.
Porsche driver who filmed dying police wanted on new warrants
Police are seeking help to find Richard Pusey, who was banned from the financial services industry after recording the dying moments of four officers hit by a truck after pulling him over.
October 2023
NAB backflips on home loan payments
NAB abandoned a pledge to increase monthly mortgage repayments on the 12-month “anniversary” of variable loans, after rapid interest rate rises caught it off guard.
July 2023
No local FTX reboot as ASIC cancels its Australian licence
The local arm of Sam Bankman-Fried’s collapsed crypto exchange is unlikely to re-emerge.
November 2022
Porsche driver sent offensive photos to financial services watchdog
Real estate agent Richard Pusey has been found guilty of sending graphic images of an Eastern Freeway crash to the Australian Financial Complaints Authority.
August 2022
ASIC threatens to punish super funds for ignoring member complaints
ASIC is threatening action after identifying “significant” issues with how super funds handle member complaints.
July 2022
Morgans tries to fend off AFCA probes into ex-adviser
Is a complaint too old? National stockbroker Morgans is taking on a federal complaints authority about its jurisdiction.
March 2022
Regulate buy now, pay later or consumers will suffer, CHOICE warns
Customers are at risk of falling prey to unscrupulous lending practices from the proliferation of providers, the consumer protection group says.
January 2022
Dixon Advisory files for voluntary administration as claims mount
Liabilities from class actions, settlements and regulatory penalties will leave the embattled wealth management firm insolvent.
October 2021
Vanda Gould undone by tardy paperwork
It had nothing to do with taxes or Gould’s present address at Long Bay prison.
August 2021
More than $1m lost by punters lured by scammers using Google, Facebook
Shipping containers may not sound sexy, but fraudsters are taking advantage of global supply shortages and rocketing prices.
July 2021
Super’s exceptionalism is a systematic failure
The compulsory super system paints itself as an assembly of rogue operators, but it is the only big sector without an industry code of conduct. This should end.